Crypto Market Carnage Triggers JPMorgan Chase Bank CEO Jamie Dimon’s Bitcoin Comments

2018-11-22 18:34

Jamie Dimon, the CEO of JP Morgan, has always been opposed to Bitcoin (BTC) and cryptocurrencies. Perhaps, he was more friendly towards blockchain technology. But certainly, he did not like Bitcoin. Indeed, he had several negative comments about the popular virtual currency and those who invested in it.

Since the beginning of the current year, virtual currencies are falling and reaching new year lows. This is clearly something not positive for the whole crypto market. This is why Jamie Dimon might be the only person happy about this.

Back in September 2017, Jamie Dimon said that Bitcoin was a ‘fraud’ and that it will eventually blow up. Although Bitcoin continues to exist and there have been several events showing Bitcoin’s strengths, Bitcoin is currently not in the situation that several analysts and individuals believed that it was going to be.

Later in January 2018, Dimon said that he regretted the comments he gave. Furthermore, he said that he believes in the technology behind Bitcoin, the blockchain.

A few hours ago, Bitcoin registered the same price as when Dimon gave these words about the popular virtual currency. In some exchanges such as Coinbase, Bitcoin was traded under $4,200 dollars.

At the time of writing this article, Bitcoin has a market capitalization of $78 billion dollars and each BTC can be bought for $4,500 dollars. In the last 24 hours, Bitcoin lost 1.31% of its value.

According to some analysts, Bitcoin could keep falling down to $1,500 dollars before starting a new bull run. In December 2018 and February 2019, there are two events that are very promising for Bitcoin and the crypto community. In December, the Intercontinental Exchange (ICE) will be launching the Bakkt platform for institutional investors that want to place their funds in the cryptocurrency market.

Later in February 2019, the U.S. Securities and Exchange Commission (SEC) might approve the first Bitcoin exchange-traded fund in the world (ETF). This would also be very positive for the market allowing new investors to have exposure to cryptocurrencies.

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